Continuing its upward momentum from earlier this week, Bitcoin finally managed to scramble its way past the $9,000 point. It was not all smooth sailing though, as the price regressed to around $8,900, before finally finding a middle ground between $9,000 and $9,100.
Even though the past 24 hours has seen Ethereum’s price increase by approximately 1 percent more than Bitcoin, it has still not managed to breach the $600 position it lost on March 17. At its highest, it reached $589 before fumbling a bit to stabilize at around $570. This is perhaps unsurprising given that it has still gained a significant amount since dipping well below $500 on Sunday.
In contrast, Bitcoin was trading at $8500 over the weekend and dipped to as low as $7000, but has been climbing steadily to reach the highest price it has achieved since March 15.
It is not immediately clear why the price of Ethereum appears to be immobile relative to other cryptocurrencies. However, some speculate that it may be because of people using ETH trading pairs to buy altcoins instead.
On the other hand, the rest of the market saw appreciable gains, with NEO and Cardano being the only ones to boast gains of over 10%. Bitcoin Cash and Litecoin were also up by 6% and 8% respectively.
Now that the short-term dip appears to be largely over for Bitcoin and other cryptocurrencies, it seems as if the support level was established at around $7000. The overall bear market, however, appears to be far from over unless a significant price rally presents itself once again. With the global cryptocurrency trading volume drying up by the day, it is also becoming increasingly likely that whales will attempt to swing the market from one direction to another in an attempt to make a profit.
Top Stories from the Crypto World
1. G20 nations may consider digital tokens as assets instead of currencies
According to a leaked document draft acquired by Bloomberg, the G20 may decide to classify digital currencies and tokens as their own asset class, rather than a sovereign currency like the US Dollar.
Klass Knot, the chair of the Financial Stability Board (FSB), said: “I don’t think any of these cryptos satisfy the three roles money plays in an economy.”
Cryptocurrencies have been a somewhat significant point of discussion at the G20 summit in Argentina. A couple days ago, the Governor of Bank of England stated that cryptocurrencies were not currently posing any risks to the world economy.
2) Russian bill proposes cryptocurrencies as assets, suggests regulation
In response to Russian President, Vladimir Putin, pushing for cryptocurrency regulation in the country by July 1, 2018, a new bill related to the regulation of digital currencies has been placed before the State Duma. According to the press release, one of the documents is entitled “On Digital Financial Assets”, confirming that the country does not wish to accept Bitcoin or other digital tokens as legal tender.
In addition to this, the proposed law also mandates certain conditions for operators of a cryptocurrency exchange to fulfill.
From the document: “A digital wallet is opened by the operator of a digital financial assets exchange only after passing the identification procedures of the owner in accordance with the Federal Law “On combating money laundering and terrorist financing.”
3) British teen security researcher exposes a flaw in Ledger Nano S hardware wallet
An independent security researcher named Saleem Rashid published a blog post on March 20 uncovering a possible exploit affecting Ledger hardware wallets.
According to Rashid, the exploit does not necessarily rely on the attacker having physical access to the device, as was initially believed by Ledger. Social engineering and malware deployed by the hackers may, in fact, be enough to remotely siphon a user’s funds.
Ledger has already responded to the issue with its own analysis of the bug and has stated that the software update released on March 6 completely patches the exploit.